The Co-operative Bank of Kenya has announced a 7 per cent increase in half year net profit to Sh. 12.9 billion for the period ended June 30, 2024.
During the period under review, the bank’s total assets increased by 7.8 per cent to Sh. 716 billion. Net interest income increased by 10.7 per cent to Sh. 23.9 billion while non-interest income increased by 11.2 per cent to Sh. 15.4 billion.
Customer loans increased by 2.8 per cent to Sh. 375.6 billion while customer deposits increased by 9.4 per cent to Sh. 507.4 billion.
During the period under review, revenue grew by 10.9 per cent to Sh. 39.2 billion while shareholders’ funds increased by 17 per cent to Sh. 126.7 billion.
Co-op Bank giving Sh. 500k to Sh. 8mn loans to buy, build homes at reducing balance
“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility delivering a Return on Equity of 22.1 per cent,” Co-op Bank Group Chief Executive Gideon Muriuki said. “The Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.”
During the period under review, Co-op Bank’s SME-focused subsidiary, Kingdom Bank, contributed a profit before tax of Sh. 635.5 million in the period up 21.8 per cent from Sh. 521.9 million in the same period the previous year, riding on strong penetration of the bancassurance business.
Following this performance, the bank announced that it is in the process of opening more physical branches to boost up access to financial services across the country. The lender is currently planning to open an additional 15 outlets this year, branches at Imaara Mall along Mombasa Road in Nairobi, and Ugunja in Siaya already opened.
The bank has also been strategically been expanding its reach in South Sudan. Co-op Bank opened its fifth branch in Wau, South Sudan, supporting business growth and financial inclusion in in the country.
